In a positive development for the technical financial sector, Block Inc (SQ), led by Jack Dorsey, recorded a noticeable increase in the value of its shares by 12%, closing at $49 per share at the end of yesterday, Friday, and this increase came following the company’s announcement of financial results. Strong third quarter, which particularly highlighted Bitcoin revenue growth.
Cash App, a payment platform affiliated with Block, played a pivotal role in this growth, achieving a 37% increase in revenues compared to last year. The impact of this growth was evident in Block’s overall net revenues, which witnessed an increase of 24% year over year, reaching 5.62%. Billion dollar.
When excluding Bitcoin revenues, the value amounted to $3.19 billion, recording an increase of 16% over the same period last year. Bitcoin revenues, which come from Bitcoin sales through the “Cash” application, contributed only 2% to the company’s total profits, which amounted to $45 million. dollars in the third quarter.
Adjusted earnings per share exceeded expectations by reaching $0.55, versus expectations of $0.47 per share.
On the profit side, the company recorded approximately $674 million in transaction-based revenue, while generating $1.23 billion from subscriptions and services, registering growth of 9% and 25%, respectively.
As the quarter ended on September 30, the carrying value of the company's investments in Bitcoin, after taking into account cumulative impairment charges, had risen to $102 million, with a fair value based on market prices of $216 million, an increase of $114 million.
Taking into account current accounting standards, which impose impairment charges on digital currency on companies’ balance sheets when their value decreases, this assessment is expected to change with the adoption of the fair value standard scheduled to be applied in 2024, which will more reflect the value of digital assets in companies. Accuracy.
In a related context, Coinbase, the leading cryptocurrency exchange in the United States, exceeded expectations for its revenues for the third quarter, with profits estimated at $674 million, mainly based on subscriptions and services.
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